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📊 Manyavar (Vedant Fashions Ltd.) Q3 FY25 Earnings

Lesson 79/97 | Study Time: 10 Min

Course: Quarterly Result Updates & Analysis

📊 Manyavar (Vedant Fashions Ltd.) Q3 FY25 Earnings

🔹 1. Key Financial Highlights

💰 Revenue Growth: ₹5,113 million in Q3 FY25, up 📈 7.8% YoY from ₹4,745 million in Q3 FY24.
💵 Profit After Tax (PAT): ₹1,580 million, 📊 marginal growth from ₹1,577 million in Q3 FY24.
📈 Gross Margin: 67.3% (Industry-leading profitability).
📊 EBITDA Margin: 47.4% in Q3 FY25 vs. 48.4% in Q3 FY24.
✅ PAT Margin: 30.9% in Q3 FY25 vs. 33.2% in Q3 FY24.

🏬 2. Store Expansion & Sales Performance

📍 Retail Expansion: 🚀 16 new exclusive brand outlets (EBOs) in Q3, including 2 Twamev stores.
🏢 Total Retail Footprint: 1.75 million sq. ft. (666 EBOs across 255 cities).
📊 Same-Store Sales Growth (SSSG): 📈 +2.6% YoY for Q3 FY25.
🛍️ Retail Sales Growth: 📈 +9.0% YoY.

📊 3. Profitability, Liquidity & Solvency

💰 Profitability Metrics:
🔹 EBITDA Margin: 47.4% (slight dip YoY).
🔹 PAT Margin: 30.9%.
🔹 Gross Profit: ₹3,439 million (+6.9% YoY).

💵 Liquidity Position:
✔️ Strong cash reserves & asset-light model.
✔️ High operating cash flow, ensuring financial stability.

💳 Solvency Metrics:
✔️ Low Debt: Debt-light capital structure.
✔️ Interest Coverage Ratio: Strong, indicating robust ability to service liabilities.

💰 4. Valuation Analysis (CMP ₹926)

📈 Trail Earnings Per Share (EPS) (TTM): ₹16.54.
📊 P/E Ratio: 56x (Premium valuation).
📊 Return on Capital Employed (ROCE): 85.3% (Industry-leading).
📉 Asset Turnover: Efficient utilization supports high return ratios.

📅 5. Near-Term & Long-Term Outlook

🔸 Near-Term Outlook:

📉 Muted Growth Expected in Q4 FY25 due to fewer wedding dates.
📍 Expansion Focus: Retail footprint expansion in Tier 2 & 3 cities to drive moderate growth.
🚫 No Discounting Strategy helps sustain premium brand positioning.

🔹 Long-Term Outlook:

💍 Sustained demand for premium wedding & ethnic wear.
👗 Growth in women’s wear (Mohey brand)💃 is a key long-term driver.
🌎 International Expansion: USA, UAE, Canada & UK provide future growth avenues.
📦 Tech-driven Inventory Management ensures efficiency.

📊 6. Investment Perspective

🚀 Bullish Case (Positive Factors)

✔️ Market Leader in premium ethnic wear 🎯.
✔️ High Margins & Strong Cash Flow 💰.
✔️ Asset-Light Model ensures scalability 📈.
✔️ Premium Pricing Strategy 🏷️ (No deep discounts).
✔️ Expanding women’s & premium segments (Mohey, Twamev, Diwas).

⚠️ Bearish Case (Risks & Concerns)

❌ Premium Valuation (54.3x P/E) – limits short-term upside.
❌ Slow SSSG Growth (+2.6%) suggests challenges in existing store performance.
❌ Competition from unorganized & online brands.
❌ Macroeconomic factors & discretionary spending trends may impact sales.

🎯 7. Recommendation for Investors

📌 For Long-Term Investors: Manyavar remains a strong compounder with high margins & consistent growth 📈.
📌 For Short-Term Investors: Monitor SSSG improvement & expansion pace before taking new positions at current valuations 🔍.
📌 At CMP ₹926: Fairly valued with moderate upside potential 📊. Accumulate on dips 📉.

📢 Disclaimer & Disclosure Statement

Important Investor Advisory Notice

This research analysis is for informational purposes only and should not be considered as financial, investment, or legal advice. The information provided herein is based on publicly available financial reports, market data, and our analysis. Investors are advised to exercise caution and discretion before making any investment decisions.

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Piyush Patel

Product Designer

4.75

Profile

Class Sessions

1- IREDA’s latest quarterly results 2- Patanjali's Q2 FY25 financials 3- United Breweries Limited - Detailed Q2 FY25 Consolidated Financial Analysis 4- HDFC LIFE Q1 FY 2025 5- DMart Q1 FY 2025 6- HDFC LIFE Q1 FY 2025 7- Bajaj Auto Q1 FY24 Analysis 8- IREDA Q1 FY 2024 9- TCS Q1 FY 2025 10- HDFC Asset Management Company (HDFC AMC) Q1 FY25 Analysis 11- BAJAJ FINANCE | BEL | VOLTAS | LT | MARUTI SUZUKI Q3 Result Update 2024 12- How do you Analyse NBFC companies? 13- Which company is best for home appliances? 14- Who is No 1 construction company in India? 15- Aerospace & Defense Industry 16- Passenger Vehicle Market Share 17- Which is the No 1 small finance bank in India? 18- What is the position of steel market in India? 19- Tyres & Rubber Products INDUSTRY 20- Computers-Software & Consulting_q3_fy24 21- Which is the best stock in Consumer Food? Watch Now 22- Auto Sector Vehicle January Data 23- Telecom Industry in India: Sector Overview 24- Comparision: Reliance Retail | Dmart | ShoppersStop | Spencer | Vmart 25- ICICI GI, Supreme Industry, Asian Paint & Ultratech Cement | Q3 FY2024 Result Update 26- TCS, Dmart, HDFC AMC & HDFC LIFE Q3 FY2024 Result Update 27- LTTS, MAPMYINDIA, HDFC BANK Q3 FY2024 Result Update 28- Hospital Industry Analysis 29- Industry Update 30- Tata Consultancy Services Ltd Q4 Result Update 2023 31- Ultratech Cement Latest News | Q4 Result 2023 32- Q4 Result 2023 33- Q3 Result Update 2023 34- Q3 2021-22 RESULT UPDATE Video Updated 35- Q3 2021-22 RESULT UPDATE Video Updated - Part 2 36- Q2 2021-22 RESULT UPDATE Video Updated 37- Q2 2021-22 RESULT UPDATE Video Updated Part 2 38- Result Updated Video 39- Student Page Video 40- Live Query Sessions Video Updated 41- TCS's Q3 FY25: (Leading Company from Computers - Software & Consulting Industry) 42- TATAELXSI's Q3 FY25: 43- IREDA's Q3 FY25: 44- Avenue Supermarts Limited's (DMart) financial results for the third quarter ended December 31, 2024: 45- HDFC Asset Management Company's financial results for Q3 FY25: 46- HDFC Life Q3 FY25 Analysis 📊 47- L&T Technology Services Q3 FY25 48- Havells Q3 FY25 Analysis 📊 49- Reliance Industries' Financial Results for Q3 FY25 📊 50- ICICI Lombard's performance for Q3 FY25” 51- Q3 FY25 Supreme Industries Ltd. 📊 52- Indian Railway Finance Corporation Limited (IRFC) for Q3 FY25: 53- Zomato's Q3 FY25 financial results: 54- Dixon Technologies (India) Ltd. Q3 FY25 Results 📊 55- HDFC BANK Q3 FY25 Results 📊 56- Hindustan Unilever Q3 FY25 Results 📊 57- Pidilite Industries Limited's Q3 FY25: 58- UltraTech Cement Limited for the third quarter (Q3) and the first nine months (9MFY) of the financial year 2025: 59- Indian Energy Exchange (IEX) Q3 FY25: 60- AU Small Finance Bank Limited's Q3 FY25: 61- Indigo Airlines' performance for Q3 FY25: Overview: 🚀 62- Balkrishna Industries Q3 FY25 Performance Analysis 📊 63- CDSL's financial results for Q3 FY25: Key Insights and Highlights 64- EMS Limited's financial results for Q3 FY25: 65- JSW Steel's Q3 FY25 financial performance: 66- Wonderla Holidays Limited Q3 FY25 Analysis 📊 67- Bajaj Housing Finance's latest results for Q3 FY25; 68- Route Mobile's latest financial results for Q3 FY25: 69- Bajaj Auto Q3 FY25 Consolidated Financial Analysis: 70- Maruti Suzuki India Limited (MSIL) - Q3 FY25 Financial Highlights and Analysis 📊 71- Q3 FY25 results for C.E. Info Systems Limited (MapMyIndia) 72- Bajaj Finance's Q3 FY25: 📊 73- Voltas' Q3 FY25 financial results: 74- 📢 BEL Q3 FY25 Results – Key Insights & Analysis 🚀 75- 📊 Waaree Energies Q3 FY25 and 9M FY25 Performance Analysis 🚀 76- 📊 Dr Lal PathLabs - Q3 FY25 & 9M FY25 Financial Analysis & Insights 🚀 77- Larsen & Toubro Q3 FY 25: 🚀📊📈 78- 📊 Analysis of Tata Consumer Products Q3 FY25 & 9M FY25 Results 📈 79- 📊 Manyavar (Vedant Fashions Ltd.) Q3 FY25 Earnings 80- Nestlé India Q3 FY25 results: 81- 📢 Divis Laboratories Q3 FY25 & 9M FY25 Results - 📊💡 82- 🎨 Asian Paints Q3 FY25 & 9M FY25 Financial Analysis & Insights 📊 83- 📊 Godrej Properties Q3 FY25 Analysis 🏗️ 84- 📊 Kajaria Ceramics Q3 FY25 Analysis 📊 85- 📊 Titan Q3 FY25 & 9M FY25 Performance Analysis 🔥🚀 86- 🚀 InfoEdge Q3FY25 Results Analysis & Insights 📊 87- 📊 Page Industries Q3 FY25 Analysis & Investment Insights 🏭📈 88- 📢 SBI Q3FY25 Earnings Analysis & Insights 📊🏦 89- 📊 PI Industries Q3 FY25 Results - Analysis & Insights 🔍 90- 🚀 Amara Raja Batteries (ARE&M) Q3 FY25 Results Analysis and Insights 📊 91- 📊 Affle (India) Limited Q3 & 9M FY2025 Earnings Analysis & Insights 🚀 92- 📊 Patanjali Foods Limited Q3 FY25 Financial Analysis & Key Insights 🚀 93- 📊 Apollo Hospitals Q3FY25 & 9MFY25 Financial and Operational Analysis 94- 🚄 IRCTC Q3FY25 Earnings Analysis & Insights 📊💡 95- 🎯 Jubilant FoodWorks Q3FY25 & 9MFY25 Key Highlights 🚀🔥 96- 📊 UBL Q3 FY25 & 9M FY25 Performance Analysis – Investor Insights 💹 97- 🚢 Mazagon Dock Shipbuilders: Q3FY25 & 9MFY25 Analysis

📢 5 STEPS TOWARDS WEALTH 🚀 The Indian Stock Market Way

📊 Manyavar (Vedant Fashions Ltd.) Q3 FY25 Earnings

📊 Manyavar (Vedant Fashions Ltd.) Q3 FY25 Earnings

🔹 1. Key Financial Highlights

🏬 2. Store Expansion & Sales Performance

📍 Retail Expansion: 🚀 16 new exclusive brand outlets (EBOs) in Q3, including 2 Twamev stores. 🏢 Total Retail Footprint: 1.75 million sq. ft. (666 EBOs across 255 cities). 📊 Same-Store Sales Growth (SSSG): 📈 +2.6% YoY for Q3 FY25. 🛍️ Retail Sales Growth: 📈 +9.0% YoY.

📊 3. Profitability, Liquidity & Solvency

💰 Profitability Metrics: 🔹 EBITDA Margin: 47.4% (slight dip YoY). 🔹 PAT Margin: 30.9%. 🔹 Gross Profit: ₹3,439 million (+6.9% YoY).

💵 Liquidity Position: ✔️ Strong cash reserves & asset-light model. ✔️ High operating cash flow, ensuring financial stability.

💳 Solvency Metrics: ✔️ Low Debt: Debt-light capital structure. ✔️ Interest Coverage Ratio: Strong, indicating robust ability to service liabilities.

💰 4. Valuation Analysis (CMP ₹926)

📈 Trail Earnings Per Share (EPS) (TTM): ₹16.54. 📊 P/E Ratio: 56x (Premium valuation). 📊 Return on Capital Employed (ROCE): 85.3% (Industry-leading). 📉 Asset Turnover: Efficient utilization supports high return ratios.

📅 5. Near-Term & Long-Term Outlook

🔸 Near-Term Outlook:

📉 Muted Growth Expected in Q4 FY25 due to fewer wedding dates. 📍 Expansion Focus: Retail footprint expansion in Tier 2 & 3 cities to drive moderate growth. 🚫 No Discounting Strategy helps sustain premium brand positioning.

🔹 Long-Term Outlook:

💍 Sustained demand for premium wedding & ethnic wear. 👗 Growth in women’s wear (Mohey brand)💃 is a key long-term driver. 🌎 International Expansion: USA, UAE, Canada & UK provide future growth avenues. 📦 Tech-driven Inventory Management ensures efficiency.

📊 6. Investment Perspective

🚀 Bullish Case (Positive Factors)

✔️ Market Leader in premium ethnic wear 🎯. ✔️ High Margins & Strong Cash Flow 💰. ✔️ Asset-Light Model ensures scalability 📈. ✔️ Premium Pricing Strategy 🏷️ (No deep discounts). ✔️ Expanding women’s & premium segments (Mohey, Twamev, Diwas).

⚠️ Bearish Case (Risks & Concerns)

❌ Premium Valuation (54.3x P/E) – limits short-term upside. ❌ Slow SSSG Growth (+2.6%) suggests challenges in existing store performance. ❌ Competition from unorganized & online brands. ❌ Macroeconomic factors & discretionary spending trends may impact sales.

🎯 7. Recommendation for Investors

📢 Disclaimer & Disclosure Statement

Important Investor Advisory Notice

Piyush Patel

Class Sessions

📍 Retail Expansion: 🚀 16 new exclusive brand outlets (EBOs) in Q3, including 2 Twamev stores.
🏢 Total Retail Footprint: 1.75 million sq. ft. (666 EBOs across 255 cities).
📊 Same-Store Sales Growth (SSSG): 📈 +2.6% YoY for Q3 FY25.
🛍️ Retail Sales Growth: 📈 +9.0% YoY.

💰 Profitability Metrics:
🔹 EBITDA Margin: 47.4% (slight dip YoY).
🔹 PAT Margin: 30.9%.
🔹 Gross Profit: ₹3,439 million (+6.9% YoY).

💵 Liquidity Position:
✔️ Strong cash reserves & asset-light model.
✔️ High operating cash flow, ensuring financial stability.

💳 Solvency Metrics:
✔️ Low Debt: Debt-light capital structure.
✔️ Interest Coverage Ratio: Strong, indicating robust ability to service liabilities.

📈 Trail Earnings Per Share (EPS) (TTM): ₹16.54.
📊 P/E Ratio: 56x (Premium valuation).
📊 Return on Capital Employed (ROCE): 85.3% (Industry-leading).
📉 Asset Turnover: Efficient utilization supports high return ratios.

📉 Muted Growth Expected in Q4 FY25 due to fewer wedding dates.
📍 Expansion Focus: Retail footprint expansion in Tier 2 & 3 cities to drive moderate growth.
🚫 No Discounting Strategy helps sustain premium brand positioning.

💍 Sustained demand for premium wedding & ethnic wear.
👗 Growth in women’s wear (Mohey brand)💃 is a key long-term driver.
🌎 International Expansion: USA, UAE, Canada & UK provide future growth avenues.
📦 Tech-driven Inventory Management ensures efficiency.

✔️ Market Leader in premium ethnic wear 🎯.
✔️ High Margins & Strong Cash Flow 💰.
✔️ Asset-Light Model ensures scalability 📈.
✔️ Premium Pricing Strategy 🏷️ (No deep discounts).
✔️ Expanding women’s & premium segments (Mohey, Twamev, Diwas).

❌ Premium Valuation (54.3x P/E) – limits short-term upside.
❌ Slow SSSG Growth (+2.6%) suggests challenges in existing store performance.
❌ Competition from unorganized & online brands.
❌ Macroeconomic factors & discretionary spending trends may impact sales.